In February 2015, a licence agreement was signed with Serum Institute of India Ltd. (Serum Institute) for GTL003, a Vaxiclase technology for use as an antigenfor use in the development of acellular multivalent combination vaccines containing pertussis antigens.

Serum Institute of India (www.seruminstitute.com) is a private company valued at over $12 billion and the world's largest producer of the Measles and DTP group of vaccines. Two of every three children immunized globally are vaccinated with a product manufactured by Serum Institute.

Since the beginning of the agreement, Genkyotex has received a total of $1.3 million in upfront payment and from the achievement of a pre-specified development milestone in November 2016. According to the terms of the initial agreement, Genkyotex is eligible to receive $57 million. Following the expansion of the agreement to the developed world territories, in June 2018, Genkyotex is now eligible to receive additional €100 million bringing the overall agreement to approximately €150 million* in upfront payment, development and commercial milestones. Genkyotex is also eligible to receive single digit royalties on sales.